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At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12% cumulative, fully participating preference shares and 20,000, P 10 par value ordinary shares. At December 31,2018, dividends in arrears on the preference shares were P 24,000. Cash dividends declared in 2019 totaled P 108,000. What is the total amount of dividends payable to preference shareholders? *

At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12% cumulative, fully participating preference shares and 20,000, P 10 par value ordinary shares. At December 31,2018, dividends in arrears on the preference shares were P 24,000. Cash dividends declared in 2019 totaled P 108,000. What is the total amount of dividends payable to preference shareholders? *

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12% cumulative, fully participating preference shares and 20,000, P 10 par value ordinary shares. At December 31,2018, dividends in arrears on the preference shares were P 24,000. Cash dividends declared in 2019 totaled P 108,000. What is the total amount of dividends payable to preference shareholders? * A O P 80,000 O P 24,000 O P 72,000 O P 56,000
Transcribed Image Text:At December 31,2018 and 2019, ABC Company had outstanding 4,000 shares of P 100 par value, 12% cumulative, fully participating preference shares and 20,000, P 10 par value ordinary shares. At December 31,2018, dividends in arrears on the preference shares were P 24,000. Cash dividends declared in 2019 totaled P 108,000. What is the total amount of dividends payable to preference shareholders? * A O P 80,000 O P 24,000 O P 72,000 O P 56,000
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